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Rexco Inc., a 501(c)(3) organization, received a total of $120,000 in support during the...

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Accounting

Rexco Inc., a 501(c)(3) organization, received a total of $120,000 in support during the taxable year from the following:

Governmental unit A for services rendered: $50,000

General public for services rendered: $15,000

Contributions from individual substantial contributors (disqualified persons): $40,000

Gross investment income: $10,000

Unrelated business taxable income minus the related tax: $5,000

Because Rexco (does/does not) satisfy the external support and (does/does not) satisfy the internal support test, it (does/does not) qualify as an organization that is broadly supported. Therefore, Rexco (is/is not) a private foundation.

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